Johnny Closes on 1.1 Million Dollar Condo

[REO]

You're not wrong. Evan and Tara may not be popular skaters, but every thread about Johnny is hundreds of posts long, with his detracters sniping away and hoping in their secret little hearts that something awful will happen to him because he didn't fulfill their expectations or meet their standards versus his fans who defend him to the death. It's gotten a little boring actually. You know what certain people are going to say before you read their posts.

[overedge]

You know what certain people are going to say before you read their posts.

Unlike your own?

[Prancer]

Did anyone here speculate when Tara Lipinski built a large home on the coast?

PML, yes, and in more than one thread. Just a few months ago, people were wondering how much the value had dropped and how Tara could afford to keep that house AND have an apartment in LA.

What about Evan? Doesn't he have a home or two, and a fancy car?

I don't know if there's been much discussion of his home, but there was a very long and snarky thread about his car.

If we didn't speculate about stuff, we wouldn't have much to talk about.

Or maybe I just haven't read a lot of threads here. But I did read the one about Johnny's book, in which it seemed like a lot of people jumped to conclusions based on the preface. The preface was nothing like the rest of the book.

Yes, but there was quite a bit of discussion about the rest of the book and more excerpts than just the preface.

[REO]

Unlike your own?

That's right pot. I'm a kettle.

[REO]

Unlike your own?

That's right Pot. I'm a kettle.

[igniculus]

Oh the irony. No JW thread is the same without it.

[Southpaw]

So.

Today, I mean yesterday since it's after midnight, in any event Friday. Yes, Friday. I had some unpleasant business to attend to in my hometown and I was driving along Route 3, blasting my "American Idiot" cd with the windows down, enjoying the freakishly unseasonably warm sunny day. And as I'm driving along Route 3 with Green Day blasting in my face and swamp air blowing through my hair who should I happen to see pulling off the highway but that little filet of tenderloin, Johnny Weir. Now, my first instinct was to lay down hard on the horn and give him the finger because that's how we say hello in Jersey, but he looked to be in his own private Idaho and was singing to himself, rather aggressively, and I didn't want to startle him with a big fat blast of a car horn. So I didn't. You know how easily the boy gets spooked, he might have driven off the road and crashed into the guardrail and landed in the swamp and who needs that kind of nonsense just before moving day? He must be hungover from all the Fashion Week partying and was having a rough hair day because as I said it was a freakishly warm day and I had my windows cranked all the way down, but there was the tenderloin merrily driving along in a knitted hat with his windows cranked all the way up. Singing to himself. Or perhaps screaming at someone on a hands-free device. But I suspect it was singing or some other sort of joviality because he looked rather happy. I drove on and tended to my unpleasant business and then went to a diner and enjoyed some phenomenally mediocre crab cakes with the Early Bird crowd.

True story. If you don't believe me ask the boy if he was driving on Route 3 while wearing a knitted cap at about 3:30pm on Friday.

And Johnny Weir, really. You've been living here for more than three years now so why don't you have Jersey plates on that shitwagon? You cheap bastard.

[igniculus]

[REO]

That was the greatest post in this whole thread. It totally sounds like him. Everyone says he's the worst driver in the world.

[Louis]

Exactly emason. Then add maintenance and taxes (tax deductible) and even with that it's somewhere under/around $4,000. per month.

Johnny is almost certainly in AMT range and cannot deduct property taxes (or state & local taxes).

Johnny would have a helluva time buying if he didn't put down at least 20%. Banks are starting to require 22-25% before they will give you a mortgage these days.

Yeah, on a jumbo loan (above $719k in NYC), 30% down is not an uncommon requirement, and mortgage rates are generally higher as well. That said, depending on the rest of his finances, it's possible that he could've purchased the apartment with as little as 10% down.

As for the property tax, if a condo functions the same way as a co-op (and I'm not sure about that) then the property tax is included in the monthly condo fee.

Taxes are separate for condos. In a co-op, the corporation owns the building and pays the taxes. There is one "BBL" number for the building, and the tax bill is sent to the corporation (or its underlying mortgage company, if escrowed). Condo units each have their own "BBL number," and the bill goes directly to each owner (or their mortgage company, if escrowed).

I may be wrong (God knows I am a lot these days) but I am still thinking that means that of the $812, $48 goes to property taxes per month.

Nope. For co-ops, there is a single "maintenance" charge that includes property taxes. For condos, there are the "common charges" that fund the building's operations -- e.g., doorman, general upkeep, common utilities, common elements, reserves -- and taxes are completely separate.

These taxes are low because they are abated for 10 years. Every two years, 20% of the market value will be phased in until, ultimately, the taxes will be at market rate at the end of 10 years. Market rate will be about $1,100 per month per a quick lookup, and as mentioned, this is generally not deductible for high income earners.

$48/month in taxes suggests a tax liability that is the building's responsibility, if it is a tax at all. If a condo takes out a mortgage or home equity loan for improvements, then the interest might be passed onto the condo owners.

See above for tax explanation. And just to clarify, condo associations in NY cannot take out building mortgages or home equity lines the way co-ops can. In NY, they can, however, take out loans are that are secured by the common charges that the owners pay.

[milanessa]

Slightly off topic, but any guesses how much Johnny made for walking the runways this week at fashion week? He modeled in 5 shows and is debuting the Johnny Weir for Adrienne Landau collection tonight at the Landau show.

Have no idea about Johnny but CNN has done little snippets about fashion week and they said the models get anywhere from $500 to $15,000 for walking the cat walk.

[kwanfan1818]

above for tax explanation. And just to clarify, condo associations in NY cannot take out building mortgages or home equity lines the way co-ops can. In NY, they can, however, take out loans are that are secured by the common charges that the owners pay.

I understand that the property taxes for a condo are not included in the maintenance and are the liability of the condo owner, but you explained why the $48 can't be property tax, regardless of what the breakdown says.

[judiz]

I found myself driving behind Johnny once on RT 46. He is definitely a speed demon.

[Louis]

I understand that the property taxes for a condo are not included in the maintenance and are the liability of the condo owner, but you explained why the $48 can't be property tax, regardless of what the breakdown says.

You can see the property tax statement at http://nycprop.nyc.gov/nycproperty/S...9&stmtType=SOA

Annual taxes: $13,186
421(a) abatement: ($12,598)
J51 abatement: ($6)
Total: $582 / 12 = $48.50 per month.

This will increase (substantially) every two years until the taxes reach the market rate at the conclusion of 10 years.

Incidentally, this is one of many reasons I feel the new developments are overpriced and will not hold their value. In 10 years, the carrying costs alone on this very small apartment will be over $2,000 not accounting for inflation. When you buy into a tax abated building, I think you're paying for the present value of that tax abatement, which diminishes over time.

[IceAlisa]

So...

Southpaw, a masterpiece of a post! But you didn't tell us--what kind of car was Johnny driving?

[Wyliefan]

hoping in their secret little hearts that something awful will happen to him

Really?

[Southpaw]

Southpaw, a masterpiece of a post! But you didn't tell us--what kind of car was Johnny driving?

The same shitwagon he's been driving for years, which means that everyone can strike a car payment from his speculated monthly budget because it's surely paid off by now.

[IceAlisa]

I saw him driving a Lexus SUV in his show--is that the shitwagon to which you are referring?

[Southpaw]

I saw him driving a Lexus SUV in his show--is that the shitwagon to which you are referring?

That is the shitwagon, yes.

[judiz]

Since when is a lexus a shitwagon?